Alseres and BioAxone Amend License Agreement for Cethrin(R) and Rho Inhibitor ...(s Chairman and CEO of Alseres. Mr. Sava...),Health

Date:4/30/2009

s, Chairman and CEO of Alseres. Mr. Savas continued: "We are deeply committed to the continued clinical development of Cethrin to treat patients with acute spinal cord injury. In the current environment, we believe that finding a strong development and commercialization partner for Cethrin is the best path forward to ensure that it is developed in a focused, efficient manner while Alseres concentrates on advancing Altropane toward market approval in the U.S. The amended agreement enables Alseres and BioAxone to work together on this partnering effort without the distraction of an arbitration procedure."

Cethrin License Background

In December 2006, the Company entered into the Cethrin License (as amended in March 2007), pursuant to which the Company was granted an exclusive, worldwide license to develop and commercialize specified compounds including, but not limited to, Cethrin, as further defined in the Cethrin License. The Cethrin License called for the Company to conduct development and commercialization activities of Cethrin and to pay certain pre-commercialization milestones and on-going royalties on sales of Cethrin when and if approved for marketing. The Amendment changes the pre-commercialization milestones and on-going royalty terms to an income-sharing approach.

About Alseres Pharmaceuticals, Inc.

Alseres Pharmaceuticals, Inc. (ALSE) is engaged in the development of diagnostic and therapeutic products primarily for disorders in the central nervous system (CNS). The Company has a robust molecular imaging development program targeting diagnosis of Parkinsonian Syndromes and potentially dementia. The Company's lead molecular imaging product candidate is Altropane which is in Phase III clinical trials for the diagnosis of Parkinsonian Syndromes including Parkinson's disease. The Company maintains a world-class intellectual property position in the field of regenerative therapeuti
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SOURCE Alseres Pharmaceuticals, Inc. Copyright©2009 PR Newswire. All rights reserved

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